The deal sets discretionary spending caps about halfway between the desired levels from the House and Senate budgets over the next two years, while replacing parts of the sequester with targeted cuts and non-tax revenue.

“Because it’s the first budget that leaders of both parties have agreed to in a few years, the American people should not have to endure the pain of another government shutdown for the next two years,” Obama said in a statement Tuesday evening.

“This agreement doesn’t include everything I’d like — and I know many Republicans feel the same way. That’s the nature of compromise. But it’s a good sign that Democrats and Republicans in Congress were able to come together and break the cycle of short-sighted, crisis-driven decision-making to get this done. That’s the way the American people expect Washington to work. I want to thank Senator Murray, Congressman Ryan and all the other leaders who helped forge this bipartisan agreement. And I want to call on Members of Congress from both parties to take the next step and actually pass a budget based on this agreement so I can sign it into law and our economy can continue growing and creating jobs without more Washington headwinds.”

In a statement released shortly before Obama’s on Tuesday, Boehner echoed Obama in saying that though the deal wasn’t perfect, it represented a positive step forward.

“While modest in scale, this agreement represents a positive step forward by replacing one-time spending cuts with permanent reforms to mandatory spending programs that will produce real, lasting savings,” Boehner said. This framework is consistent with sequester replacement legislation passed by the House in 2012. It would also help to further reduce the deficit without tax hikes that would hurt our economy. Lastly, this agreement would help protect important national security priorities.”